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Europe´s Lack of Structural Transformation and Necessary Policy Changes of EMU
Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
Responsible organisation
2003 (English)In: Journal of Policy Modeling, ISSN 0161-8938, E-ISSN 1873-8060, Vol. 25, no 6/7, 543-554 p.Article in journal (Refereed) Published
Abstract [en]

Primary goal of stabilisation policy in the Treaty of European Union is price stability. That goal may be in conflict with the goal of full employment in the member states, particularly, then the union is hit by an asymmetric shock. Assuming perfect capital mobility an initial adverse shock [Lessons of Massachusetts for EMU, in: F. Torres, F. Giavazzi (Eds.), Adjustment and Growth in the European Monetary Union, Cambridge University Press, Cambridge] may have permanent effects by releasing a self-reinforcing process, which will result in lower relative growth. Given the specification of a model that captures the crucial element of efficient structural transformation it is easy to conclude the lack of necessary structural transformation within European Monetary Union (EMU). In addition, the basic foundation of economic policy by EMU, as manifested by the Treaty of European Union, is by latter research put into question. Therefore this paper suggest, it is necessary that the Treaty of European Union must be supplemented, changed, or both. 

Place, publisher, year, edition, pages
2003. Vol. 25, no 6/7, 543-554 p.
Keyword [en]
Structural transformation, EMU, Policy changes
National Category
Economics
Identifiers
URN: urn:nbn:se:miun:diva-1925DOI: 10.1016/S0161-8938(03)00061-9ISI: 000186577100001Scopus ID: 2-s2.0-0142023946Local ID: 788OAI: oai:DiVA.org:miun-1925DiVA: diva2:26957
Available from: 2008-09-30 Created: 2008-09-30 Last updated: 2016-09-28Bibliographically approved

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